A September 12, 2022 Tax Court of Canada case reviewed the gain on a residential property purchased in 2007 and disposed of in 2011. The property was substantially rebuilt during the ownership period. The proceeds, cost and gain were all determined by CRA as the sale was unreported. These amounts were largely unchallenged by the …
Unreported Real Estate Dispositions: Multiple Issues Read More »
You must tell the Canada Revenue Agency (CRA) about your new marital status by the end of the following month after your status changed. For example, if your status changed in March, you must tell us by the end of April. Notify the CRA if: you married you became common-law you separated for more than 90 …
UPDATE YOUR CRA INFORMATION: CHANGE YOUR MARITAL STATUS Read More »
Please, read the beginning of the article in our previous post. Starting your CPP early means a CPP reduction of 0.6 per cent for every month before you turn age 65, or a 36 per cent reduction if you start CPP at age 60. The question becomes: If you take a reduced CPP pension, will …
Is there any advantage to continuing CPP contributions after age 60? (part 2) Read More »
The simple answer is you don’t have a choice If you’re under age 65 and earning an income, you must contribute to CPP. Q: I am 60 years old and have paid into the Canada Pension Plan (CPP) for the past 38 years, most of them at the maximum. I am now self-employed and working part time, …
IS THERE ANY ADVANTAGE TO CONTINUING CPP CONTRIBUTIONS AFTER AGE 60? (PART 1) Read More »
Please see the first part of the article in our previous posts Your residency status if you entered Canada You may be considered an immigrant if you left another country to settle in Canada and established significant residential ties with Canada and became a resident of Canada in the tax year. You may be considered a deemed non-resident of Canada if you have …
Please see the first part of the article in our previous post. Step 2: Determine your residency status and its tax implications Your residency status if you left Canada You may be considered a factual resident of Canada if you maintain residential ties with Canada and are: working temporarily outside Canada vacationing outside Canada commuting (going back and forth …
Under Canada’s tax system, your income tax obligations to Canada are based on your residency status. You need to know your residency status before you can know what your tax responsibilities and filing requirements to Canada are. To determine your residency status, all of the relevant facts in your case must be considered, including residential ties with Canada and …
Please find the beginning of the article in our previous post. Filing and payment obligations A corporation that is operating as a personal services business is required to file a T2 Corporation Income Tax Return and pay any amounts owing to the CRA by the corporate tax filing and payment deadlines, like any other corporation. When completing the …
Tax implications for a personal services business (part 3) Read More »
Please find the beginning of the article in our previous post. Educational Outreach, helping you comply with your obligations The CRA launched an educational outreach project to help industries that hire personal service business (PSB) understand and comply with the tax obligations associated with this type of arrangement. Between June and December 2022, CRA officials …
Tax implications for a personal services business (part 2) Read More »
Have you been contacted by the CRA? Between June and December 2022, CRA officials will lead an educational outreach project by contacting Canadian businesses that potentially hire personal service business, to help determine whether or not these companies are fulfilling their tax obligations. Learn more here. If you have incorporated your business or are considering incorporating …
Tax implications for a personal services business (part 1) Read More »